Re: IRA Help for a Professional Poker Player
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The reason to grab it is to buy a house. Or if this whole thing goes bust in 10 years and I have to get a real job or start a new business.
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This is exactly why I went with the Individual 401k. Because it allows you to take out a loan from your own 401k. And then you pay the loan back to yourself with interest. This way you get the benefit of putting the money in to begin with tax free (same as an IRA), have access to your money and pay the interest on the loan back to yourself. Of course, you aren't earning any interest in the market on those funds that you withdraw, but at least you aren't paying the interest to someone else. There are limits to the amount you can loan yourself, and how many loans you can have outstanding, but there are no requirements as to what you can do with the money once you take the loan. I did this myself and am paying interest of prime plus 1% (fixed not variable) for the life of the loan.
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